Ontario backs bakery with $1.5m funding
Fiera Foods’s $146m expansion at its Toronto bread and bakery production plant already is underway.
The project will bestow the facility (which produces bagels, artisanal breads, pastries, muffins, and other baked goods) with additional production, storage, and freezer capabilities over the next five years.
Keeping with Canada
Fiera Foods CEO/president Boris Serebryany said the Ontario government’s monetary backing eases the company’s decision to stay in Canada, rather than moving to greener pastures.
“We have been a proudly Canadian Company for more than 25 years and want to continue to grow and support our economy while representing Canada's food industry as we expand into new markets,” he said.
The expansion reportedly will create 224 jobs in Ontario (52 for the freezer expansion alone) and is expected to double Fiera Foods' annual revenue. Additionally, because the company locally sources its raw materials (such as flour, margarine and butter, sugar, eggs, and packaging), the expansion will be a boon to area suppliers as well.
Fast growth
Alex Garber, COO of Fiera Foods, said the company’s success can be attributed to its “dedication to innovation.”
“This has translated into Fiera Foods becoming one of the fastest growing food companies in Canada," he said.
The food industry is a major economic driver in Canada, especially in the Ontario region. According to the Ontario Food Cluster, an organization that endeavors to attract food processing construction and investment in the area, food and beverage processing business activity in the area reached approximately $40bn in 2013.
